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Determine the monthly payment needed to pay off the balance

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A lot of land valued at $350,000 is sold for $150,000 deposits. The buyer agrees to pay the balance with interest at j12 = 9% p.a. by paying $5000 monthly as long as necessary with the first payment due 2 years from now.

Problem (a) Determine the number of full payments needed and the size of the concluding payment 1 month after the last $5000 payment.

Problem (b) Determine the monthly payment needed to pay off the balance by 36 equal payments if the 1st payment is 1 year from now and interest is atj12 =12% p.a.

Reference no: EM132938135

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